Editor’s Note
This article reports on the flat market debut of Divine Hira Jewellers Limited, with its shares opening at the same price as its issue price.
Shares of Divine Hira Jewellers Limited had a flat listing on the stock market today, March 24. The company’s shares opened at ₹90 on the NSE SME platform. The issue price was also set at ₹90 per share. However, selling pressure has emerged post-listing. The company’s shares are currently trading down 5% at ₹85.50.
In addition, the portion reserved for Non-Institutional Investors (NIIs) received 1.27 times subscription. In the Qualified Institutional Buyers (QIB) category, the IPO received applications for only 56,000 shares.
Divine Hira Jewellers’ IPO was open for bidding from March 17 to March 19. It was a fixed-price issue aiming to raise a total of ₹31.84 crore. Under the IPO, 35.38 lakh fresh shares were issued. There was no sale through an Offer for Sale (OFS).
Divine Hira Jewellers is in the business of designing and marketing gold jewellery, primarily 22-carat gold jewellery. Additionally, the company is also involved in the design and marketing of silver articles, bullion, and coins in Mumbai. Recently, it has started the curation and sale of fine antique gold jewellery.
